According to the data BTC Transaction fees on its network have dropped to pre-pandemic levels and have dropped 28% in the past week.
bitcoin In the image below, we share a chart showing how transaction fees and other miner-related metrics have changed in value over the past seven days:
As you can see in the image, daily Bitcoin transaction fees have dropped from $369k a week ago to $265k. This means that the index has seen a massive 28% drop in just one week.
In the fall of wages; It can be shown that the daily transaction volume in the Bitcoin network has decreased by 10 percent in the last week and the number of miners has increased.
Such data are usually seen when Bitcoin price reaches bottom levels. Because, when looked at, the closest date when transaction fees were this low is March 2020, when BTC dropped to $ 3800.
How Is Network Transaction Determined?
Transaction fees on crypto networks are the commission paid to miners for transfers on the network. As the number of transactions in the network increases, the density will increase at the same rate, so it may take longer than usual for miners to confirm transactions.
Since the transfers on the network work with the logic of “the one with a higher commission rate, the transaction is faster”, transaction fees increase due to users who want to perform their transactions quickly during periods when the network is congested.
In summary, transaction fees; It is related to the demand density and processing power in the network.
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